Energy XXI Gulf Coast Inc., the operating subsidiary of Energy XXI (Bermuda) Ltd. (Nasdaq: EXXI), priced its private placement of $500 million 7.5% senior unsecured notes due 2021 at 100% of par.
The offering size as increased from $300 million. The notes will yield 7.5% to maturity. the offering is expected to close on Sept. 26, subject to customary closing conditions.
Net proceeds will be used to repay indebtedness outstanding under its revolving credit facility.
The 2021 notes have not been registered under the Securities Act or any state securities laws.
Energy XXI (Bermuda) Ltd. is engaged in the acquisition, exploration, development, production, and operation of oil and natural gas properties onshore in Louisiana and Texas, and offshore in the Gulf of Mexico. The company is based in Hamilton, Bermuda. Energy XXI Gulf Coast Inc. is the operating subsidiary of Energy XXI (Bermuda) Ltd. and is headquartered in Houston.